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Land Under Development | 9 Months Ended
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Sep. 30, 2019
Real Estate [Abstract] |
Land Under Development | Land Under Development On a limited basis, we directly acquire raw land parcels already zoned for its intended use to develop into finished lots. Land under development includes the land acquisition costs, direct improvement costs, capitalized interest where applicable, and real estate taxes. In September 2019, we purchased a raw land parcel for approximately $44,700. The parcel is expected to produce approximately 400 lots. As of September 30, 2019, we directly owned a total of five separate raw land parcels with a carrying value of $80,193 that are expected to produce approximately 800 finished lots. We also have additional funding commitments of approximately $6,800 under a joint development agreement related to one parcel, a portion of which we expect will be offset by development credits of approximately $2,900. None of the raw parcels had any indicators of impairment as of September 30, 2019.

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